Cyprus freezes €17 million in assets linked to executed Chinese official

Cyprus authorities, including the Police, MOKAS, and the Legal Service, have frozen assets totaling €17 million linked to the family of Jiaping Li, a former official of the Chinese Communist Party. Li was granted Cypriot citizenship in 2019, shortly before his arrest in China for the embezzlement of approximately €426 million. He was subsequently sentenced to death and executed in December 2024.

Investigations are currently targeting three associates who also obtained Cypriot citizenship. Among them is Shuchao Li, the son of the deceased, who is wanted by Interpol for fraud. The Cypriot Council of Ministers has moved to revoke his citizenship, though legal appeals are pending. Other individuals under investigation include a family friend, Yuentong Cui, and Cui's mother.

Authorities have frozen two properties: a residence in Limassol valued at €14.5 million and a property in Paphos valued at €2.5 million. Investigators believe the embezzled funds were laundered through real estate, shell companies, luxury goods, and gambling in Macau. The suspects are being investigated for money laundering offenses.